Vodafone Idea cracks 22% as AB Group unlikely to bring in fresh capital

NEW DELHI: Shares of Vodafone Idea nosedived 22 per cent in Thursday’s trade after senior executives aware of the matter told ET that Aditya Birla Group might not infuse any fresh equity into Vodafone Idea and let it opt for insolvency if the government does not provide substantial relief.

The telecom operator is seeking relief for its adjusted gross revenue (AGR)-based dues, which could be over Rs 39,000 crore.

Following the development, the scrip tanked 21.62 per cent to hit a low of Rs 2.90 in early trade, before recovering a bit. The stock was later trading at Rs 3.08, down 16.76 per cent.